Full Year 2024 Wartsila Oyj Abp Earnings Call Transcript
Key Points
- Wartsila Corp (WRTBF) reported an all-time high order book of EUR 8.3 billion, with a 34% increase in order intake.
- Net sales increased by 13% in Q4, with services up by 12% and equipment by 13%.
- The company achieved a strong cash flow from operating activities, reaching EUR 437 million in Q4.
- Wartsila Corp (WRTBF) continues to see positive market sentiment in its core segments, with increased demand for new ships and alternative-fuel-capable vessels.
- The energy transition is advancing, with record installations expected for wind and solar, and strong growth in energy storage and thermal balancing markets.
- The geopolitical environment and potential tariffs create uncertainty, impacting decision-making and future orders.
- The Marine segment experienced a less favorable project mix, affecting profitability.
- There is a risk of overcapacity in certain vessel types, which could impact service demand.
- The energy storage market is experiencing price decreases, which could affect margins despite increased volume.
- The strategic review of the energy storage business is ongoing, creating uncertainty about future ownership and targets.
Good morning, and welcome to this news conference for Wartsila Q4 '24. My name is Hanna-Maria Heikkinen, and I'm in charge of Investor Relations. Today, our CEO, Hakan Agnevall, will go through highlights, business performance. And then after that, our CEO, Arjen Berends, will continue with the financials. (Operator Instructions) Hakan, please, time to start.
Yes. Thank you, Hanna-Maria, and a warm welcome to everybody joining us, which has been a great fourth quarter and a great year.
If we start on the fourth quarter, we had a very strong order intake, net sales and profitability, all three dimensions. So all-time high order book at EUR8.3 billion. Order intake increased by 34%. Net sales increased by 13%. And that translated into comparable operating results that increased with 18%.
And our good journey on services continues. So order intake, up
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